Fed comments spark Santa Claus rally

The Santa Claus rally came early this year with the Dow vaulting 421 points to 17,778 after the Federal Reserve indicated yesterday that rates would remain low for a considerable time. Nasdaq rocketed 104 points to 4,748.

On the upside

Wedbush Securities upgraded OvaScience (Nasdaq: OVAS) from a Neutral rating to an Outperform rating and raised its price target from $22 to $47.

GlaxoSmithKline (NYSE: GSK) reported positive results from a Phase 3 study of its shingles vaccine HZ/su which contained Agenus’ (Nasdaq: AGEN) adjuvant QS-21 Stimulon(R).

Tetraphase Pharmaceuticals (Nasdaq: TTPH) reported upbeat results from a Phase 3 IGNITE 1 clinical trial of eravacycline to treat complicated intra-abdominal infection.

On the downside

The Wall Street Journal reported that RCS Capital (NYSE: RCAP) chairman Nicholas Schorsch has been sued for his role in an accounting scandal at American Realty Capital Properties (Nasdaq: ARCP).

RBC Capital Markets downgraded Mid-Con Energy Partners (Nasdaq: MCEP) from an Outperform rating to a Sector Perform rating.

Investor locked in profits on Linn Energy (Nasdaq: LINE).

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 jumped 48 points to 2061. Bitcoin fell $9 to $311.

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